Slide 1: Fund, Trust and Corporate Services H2 2023 Sector Update
Fund, Trust and Corporate Services H2 2023 Sector Update Investec
Slide 2: Introduction
Introduction Despite the sector having been in the spotlight for both private and public market investors over the last decade, there continues to be strong appetite for investment which shows little sign of abating. In fact, we see a number of fresh reasons why the sector will continue to see futur
Slide 3: Investec's international M&A business
Investec’s international M&A business UK & Europe US Australia >130 9 >160 8 M&A professionals European offices M&A professionals US offices Ze Min Hu Managing Director South Africa Edward Thomas Managing Director Marc Ackerman Head of Corporate Finance Jan Willem Jonkman Managing Director India Tho
Slide 4: Fresh reasons to focus on the sector
Fresh reasons to focus on the sector A number of current market developments are driving renewed interest in the sector from investors Alternatives Private Client JTC’s recent interim results, with c.19% organic growth in Valuations have remained extremely robust, with an upward 1 trend evident over
Slide 5: Spotlight on the US market
Spotlight on the US market 5 Investec
Slide 6: Key themes in the US market
Key themes in the US market The US continues to be a highly attractive and important market for the sector, and will require further support from service providers in light of the changing regulatory landscape North America continues to dominate the global market for Private Capital, Annualised grow
Slide 7: US M&A over the last three years
US M&A over the last three years The US has remained a highly active region for M&A across the sector, with the majority of deals driven by domestic consolidation or European consolidators seeking entrance to the market Inward M&A Outward M&A Domestic M&A Key Target Acquirer Source: Investec intelli
Slide 8: JTC: A case study for success
JTC: A case study for success 8 Investec
Slide 9: Consistent performance underpinned by KPIs
Consistent performance underpinned by KPIs Metronomic performance against guidance across all key performance indicators Consistent financial performance since IPO delivered through strong underlying operational KPIs Organic revenue growth Underlying EBITDA margin Operating cash conversion1 21.0% 11
Slide 10: Growth driven by a clear and consistent equity story
Growth driven by a clear and consistent equity story Key qualitative factors underpinning JTC’s success FY23 H1 revenue share FY23H1 LTM net organic growth RoW 31.1% 33.0% 11% Strategic focus on high growth regions such as the US 21.8% 1 and APAC UK & CI 53% Europe 15% 7.1% US 21% UK & CI US Europe
Slide 11: JTC's value evolution
JTC’s value evolution Prevailing market valuation has dropped below the long-term average during the year, despite strong performance EV / NTM EBITDA – last five years 24.0x 20.0x Average: 15.2x 16.0x 12.0x 8.0x Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 Price / NTM
Slide 12: Our credentials in the space
Our credentials in the space 12 Investec
Slide 13: Dedicated to the Fund & Trust Administration sector
Dedicated to the Fund & Trust Administration sector Highly knowledgeable and relevant sector experience Investec has a deep understanding and commitment to the sector across its entire banking platform Advised PE Provider of debt Acquisition financing for Advised PE Advised strategic Advised PE unde
Slide 14: A full-service bank for the sector
A full-service bank for the sector Our offering spans corporate banking & lending, growth & leveraged finance and M&A advisory Head of Services M&A, London Trust & Corporates, Jersey +44 (0)20 7597 5109 +44 (0)15 3451 2667 edward.thomas@investec.co.uk mark.lemottee@investec-ci.com Edward Thomas Mark
Slide 15: accompanies it) (together, “this document”) is for general information only and is the property
This document and any attachments (including any e-mail that This document does not take into account the specific investment accompanies it) (together, “this document”) is for general information objectives, financial circumstances or particular needs of any recipient only and is the property of In